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Property - Coggle Diagram
Property
Rights in Real Property
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License : a privilege, usually to do something on someone else's property; writing and consideration NOT required; not transferrable; revocable
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Equitable Servitude: a court's enforcement of a covenant when a plaintiff can establish all the elements for the covenant running with the land AND seeks equitable relief (remedied by an injunction)
Elements for one to be enforceable against successor owners:
- The parties must intend to promise to run
- subsequent purchaser must have actual or constructive notice of the covenant
- covenant must “touch and concern" the land
Zoning municipal-sanctioned restrictions on the use of land because the state possesses the power the regulate for the health, safety, and welfare of its citizens.
Taking when the government exercises its eminent domain power to take private property according to the 5th Amendment of the Constitution. Owners are entitled to "just compensation" under the Fourteenth Amendment
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Real Estate Contracts
Statute of Frauds requires property contracts to include a signed writing by the party to be charged
The writing must include:
- description of property
- description of parties
- price
- any conditions of price/payment agreed upon
Include an implied promise to convey a marketable title that is reasonably free from double in both fact and law
Elements that would make a title not qualify:
- defects in the chain of title
- encumbrances (mortgages, liens, leases, etc)
Seller has a duty to disclose all material latent defects known to the seller that are not readily observable or known to the buyer
Remedies for a buyer's breach to purpose property include:
- expectation damages
- foreseeable consequential damages
- reasonable reliance damages
- retaining the down payment
- liquidated damages
Titles
Adverse Possession requires an OCEAN:
- Open and notorious
- Continuous for the statutory period
- Exclusive
- Actual
- Non-permissive (hostile)
Transfer by Deed
General Warranty Deed grantor warrants that no title defects exist in the chain of title; contains future and present covenants
Special Warranty Deed the grantor warrants that no title defects occurred during their ownership of the property, but does not warrant against title defects that occurred PRIOR to their ownership; contains future and present covenants
Quitclaim Deed the grantor provides no warrants, grantee takes whatever interest the grantor had
Recording Acts
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Notice Statute- unrecorded conveyance is invalid against a subsequent bona fide purchaser for value and without notice
To prevail, a claimant must prove:
- the claimant took subsequent in time to another person claiming ownership
- the claimant was a bona fide purchaser for value
- the claimant took the property without actual, constructive, or inquiry notice
Race-Notice Statute- an unrecorded conveyance is invalid against a subsequent bona fide purchaser for value who takes without notice and records first
To prevail, a claimant must prove :
- the claimant took subsequent in time to another person claiming ownership
- the claimant was a bona fide purchaser for value
- the claimant took property without actual, constructive, or inquiry
- the claimant recorded first